(SENS) - Senseonics Shorts Get Burned And Options Traders Fan The Flames


Senseonics Holdings Inc. (NYSE: SENS) was trading in massive bullish volume up over 47% on Friday afternoon.

By the afternoon, over 157 million shares of Senseonics had changed hands, compared to the average of just over 27 million shares. Senseonics is also a heavily shorted stock with 72.56 million, or 17.5% of the 317.27 million stock held.

A short squeeze took place on Friday and stocks shot to $ 3 levels and a number of option traders loaded the boat with call contracts, selling over $ 664,855 shares of Senseonics. Some options traders even believe the stock could reach as high as $ 10.00 by January 2023.

After the market closed on Thursday, the company announced the results of the PROMISE study, which shows the high accuracy of the 180-day CGM sensor.

Why it matters: When a sweep order occurs, it indicates that the trader wanted to enter a position quickly and is expecting a large movement in the stock price to come. A sweeper pays the market price for the call option instead of placing a bid which searches the order books of multiple exchanges to immediately execute the order.

These types of call option orders are usually placed by institutions and retail investors may find it useful to look out for sweepers as this indicates that “smart money” has taken a position.

Senseonics' option deals: Below is a look at the notable option warnings courtesy of Benzinga Pro:

  • On Friday at 9:34 a.m., a trader near the letter executed a call sweep of 3,667 Senseonics options with an exercise price of $ 10, which expired on January 20, 2023. The trade represented a bullish bet of $ 348,365 for which the trader paid 95 cents 95 per options contract.
  • At 9:44 a.m., a trader near the letter executed a call sweep of 787 Senseonics options with an exercise price of $ 2.50, which expired on June 18. The trade represented a bullish bet of $ 39,350 for which the trader paid 50 cents per options contract.
  • At 10:34 a.m., a trader near the letter executed a call sweep of 1,084 Senseonics options with an exercise price of $ 7, which expired on January 21, 2022. The trade represented a bullish bet of $ 65,040 for which the trader would pay 60 cents each. paid option contract or
  • At 10:57 a.m., a trader near the letter executed a call sweep of 825 Senseonics options with an exercise price of $ 10, which expired on January 20, 2023. The trade represented a bullish bet of $ 82,500 for which the trader paid $ 1.00 per option contract.
  • At 11:13 a.m., a trader near the letter executed a call sweep of 1005 Senseonics options with an exercise price of $ 3, which expired on July 16. The trade represented a bullish bet of $ 80,400 for which the trader paid 80 cents per options contract.
  • At 11:15 a.m., a trader near the letter executed a call sweep of 1230 Senseonics options with an exercise price of $ 5, which expired on July 16. The trade represented a bullish bet of $ 49,200 for which the trader paid 40 cents per options contract.

SENS price promotion: Senseonics' shares were up 41% to $ 2.88 at the time of publication.

© 2021 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.

https://thedailytradingnews.com/sens-senseonics-shorts-get-burned-and-options-traders-fan-the-flames/

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